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Japan moves to block foreign buyout of industrial machine maker over security concerns
via Punch Nigeria1 min read
Japan is seeking to block a takeover attempt by South Korea-based private equity fund MBK Partners of Makino Milling, a key industrial machine maker, citing national security concerns. Finance Minister Satsuki Katayama stated that the government determined it is “essential to recommend the suspension” of MBK Partners' bid to fully acquire Tokyo-based Makino Milling, described as “the world’s leading manufacturer of machine tools.” The minister noted that Makino Milling’s products are “widely used by our country’s defence equipment manufacturers,” and recognized “the risk that the investment in question can undermine our country’s security.” The recommendation was issued on Wednesday. Founded in 1937, Makino Milling provides tools for sectors including aerospace, automobile, medicine, and semiconductors. This marks reportedly only the second time a suspension edict has been issued under Japan’s foreign exchange and trade laws to prevent national security risks. MBK Partners, notified by the government that Makino Milling’s products include “sensitive goods with a particularly high potential for military use,” expressed surprise, as the takeover was slated for approval by late June. The fund has until May 1 to decide whether to comply with the suspension advisory.
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This summary was AI-generated from a story originally published by Punch Nigeria.
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